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NETWORK NEWS: MALONE BACKS TURNER'S BID FOR A NETWORK
Published August 4, 1995
TCI Chair John Malone, addressing his company's annual meeting, "threw his support" behind the bid of Turner Broadcasting Chair Ted Turner to get a broadcast network. But with Time Warner (which owns a 19% stake in Turner) opposed to any such bid, it "remained unclear" how Turner could follow through on his plan. An often-repeated scenario has Turner combining with Seagram/MCA, which would swap its stake in Time Warner for Time Warner's stake in Turner -- although it is unclear how this would fit into Time Warner's plans (Geraldine Fabrikant, N.Y. TIMES, 8/4). The N.Y. POST reports that Wall Street is doubtful Turner or anyone else will be able to mount a competing bid to Westinghouse's CBS offer (Durie & Tharp, N.Y. POST, 8/4). OTHER TUBE NOTES: The L.A. TIMES reports that the lack of details from Westinghouse on their plans for CBS "has upset the network's more than 200 affiliates and spread fear among its employees about their job security" (Sallie Hofmeister, L.A. TIMES, 8/4)....Cap Cities/ABC would face a $400M termination fee if its deal with Disney fell apart (AP/ATLANTA CONSTITUTION, 8/4)....Rockefeller Center, which is up for sale, is said to be attracting interest from Disney and GE (AP/MILWAUKEE JOURNAL SENTINEL, 8/4)....NBC has purchased Outlet Communications, a RI- based three-station group, for $396M (USA TODAY, 8/4).